The company has been around for about 10 years, but only released its enterprise collaboration platform, Engage, about five years ago. The company moved from Portland, Oregon to Silicon Valley last year and beefed up its board earlier this year with some Google and McAfee execs.

The company has received funding from Sequoia and Kleiner Perkins, and those two firms hold 36% and 14% of the company's shares respectively. CTO and cofounder Matt Tucker owns about 16%, and former CEO Dave Hersh has 7%.

Jive says $20 million of the IPO raise will go to replay loans.

Jive has a good revenue trajectory: it's already booked $34 million in the first six months of this year, up from $19 million in the same period of last year. But its losses have also increased from $13 million to $31 million in the same period, and it's going to keep investing to grow.

Here's the relevant statement from the risk factors:

We have a history of cumulative losses and we do not expect to be profitable for the foreseeable future.

We have incurred losses in each of the last five years....As we continue to invest in infrastructure, development of our solutions and sales and marketing, our operating expenses will increase significantly. Additionally, to accommodate future growth, we are in the process of transitioning our customer data centers from a third-party service provider to a co-located facility managed by our internal network operations team. This transition will require significant upfront capital expenditures and these costs and expenses will be incurred before we realize any associated incremental billings or revenues....We do not expect to be profitable on a GAAP basis in the foreseeable future and we cannot assure you that we will achieve profitability in the future or that, if we do become profitable, we will sustain profitability.

So investors will have to believe in Jive's basic premise, which is that collaboration software has a lot of room for improvement -- and that Jive has the best cloud-based platform to do it.